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AI brief of an SEC Form 8-K · Photronics (PLAB)

Photronics signs employment agreement with Executive Chairman George Macricostas

Neutral Impact 3 of 5 leadership Written later

Photronics entered an employment agreement on April 11, 2025 with Executive Chairman George C. Macricostas, with a $500,000 base salary and a term ending January 6, 2028. The agreement sets severance terms, including enhanced payments after a change of control, and 18-month non-compete and non-solicitation covenants.

Key points

  • Base salary of $500,000, reviewable annually for increases only, plus discretionary annual bonus eligibility
  • Initial term ends January 6, 2028, then renews automatically for two-year terms unless 180 days' notice is given
  • Without cause or good reason: one year of base salary plus 12 months of health benefits continuation
  • After a change of control termination: 1.5 times the sum of base salary and highest annual bonus, plus 18 months of benefits

The filing

CompanyPhotronics (PLAB)
Form8-K, current report
Filed with the SECApr 17, 2025, 4:33 PM ET
Accession number0001140361-25-014404

Items reported: 5.02 Director / Officer Change

Read the filing on SEC.gov ↗

Written by AI on Nov 8, 2026, 6:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on April 17, 2025.

Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.